Policy & Regulation

The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date.

Regulators found fault with the bank’s cloud migration efforts in the years that preceded a 2019 hacking incident.

The agency said property owners can enter into new or modified forbearance plans if they have a hardship due to the coronavirus, but the landlords must agree not to kick out renters solely for nonpayment of rent.

The American Dream Down Payment Act would let states establish and manage accounts, which would be similar in structure to 529 college savings plans.

Kyle Hauptman is not likely to be confirmed to the National Credit Union Administration board until after Labor Day, though the regulator is not scheduled to meet again until mid-September.

The account would complement the existing Community Development Financial Institutions Fund and could be replenished annually if banks and credit unions use the funds to help when natural disasters and other crises occur.

Just as legal limbo has threatened the agency’s long-running effort to create a fintech license, a charter unique to payments companies could face a court challenge, observers say.

The Federal Reserve Racial and Economic Equity Act would direct the Fed to consider racial inequality in employment, income and access to affordable credit when making monetary policy and in its regulation and supervision of banks.

Rep. Carolyn Maloney, D-N.Y., was finally declared the winner weeks after election day, while Rep. Lacy Clay of Missouri was defeated by a progressive challenger.

First Bank of Central Ohio would be based near Columbus, where another group opened a bank last year.